The total number of loans in forbearance as of July 31st decreased 5 basis points to 0.39% of servicers’ portfolio volume, down from 0.44 in June, according to the Mortgage Bankers Association.
News in end use
US Newly Built Home Sales Accounted for Nearly One-Third of All Single-Family Sales in Q2
Redfin reported that in Q2, newly built homes made up nearly one-third (31.4%) of single-family homes on the market. That is the highest share of any second quarter on record.
Canadian New Home Price Index Declines Month-Over-Month in July
The Canadian New Home Price Index declined 0.1% month-over-month in July, following two months of growth. The NHPI measures changes over time in the selling prices of new residential houses.
State-Level Analysis of Construction Sector Employment for July
Across the 48 states which reported construction sector jobs data (both residential and non-residential construction) 26 states reported month-over-month employment gains in July, while 21 states lost construction sector jobs.
Canadian Investment in Building Construction Declines in June and Q2
Overall investment in building construction declined 3.1% to $18.0 (CAD) in June. Residential construction investment declined 4.5% to $12.1 billion.
Canadian Industrial Product and Raw Materials Price Indexes Post Monthly Gains in July
In July, prices of products manufactured in Canada, as measured by the Industrial Product Price Index (IPPI), increased 0.4% month-over-month but declined 2.7% year-over-year.
US Custom Home Building Continues to Slow
Custom home building gained market share during recent quarters but experienced a drop for construction starts, according to the US Census Bureau and NAHB.
Mortgage Applications for New Home Purchases Climb Month-Over-Month and Year-Over-Year in July
The Mortgage Bankers Association reported that mortgage applications for new home purchases increased 0.2% month-over-month and were up 35.5% year-over-year.
Nonresidential Construction Backlog Continued to Grow in July
The Associated Builders and Contractors Construction Backlog Indicator increased to a reading of 9.3 months for July. Year-over-year, the measure is up 0.6 months.
30-Year Fixed-Rate Mortgage Reaches Its Highest Level in Two Decades
The 30-year fixed-rate mortgage averaged 7.09% for the week ending August 17th, up from 6.96% a week earlier, according to Freddie Mac. This marks the fourth consecutive weekly increase.